<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/sec-vs-grayscale-verdict-sparks-accusations-of-bitcoin-insider-trading-by-crypto-whales-and-sharks/">SEC vs. Grayscale Verdict: Was Bitcoin Insider Trading at Play?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The United States <a href="https://coinpedia.org/news/what-happens-next-for-bitcoin-etfs-after-grayscales-win/" rel="noopener noreferrer nofollow">Securities and Exchange Commission (SEC)</a> has been criticized for its refusal to approve a spot Bitcoin ETF, citing concerns about market manipulation and money laundering. However, a recent ruling by the United States Court of Appeals for the D.C. Circuit could change that.</p> 
<p>The court ruled that the SEC failed to adequately explain why it approved the listing of two Bitcoin futures ETPs but rejected the <a href="https://coinpedia.org/news/grayscales-legal-win-shakes-up-secs-stance-on-bitcoin-etf-approval/" rel="noopener noreferrer nofollow">Grayscale</a>’s proposed spot Bitcoin ETF. This ruling could open the door for other spot Bitcoin ETFs to be approved by the SEC, which could lead to a flood of institutional money into the crypto market.</p> 
<h2 id="bitcoin-prices-spike" data-name="bitcoin-prices-spike" class="wp-block-heading">Bitcoin Prices Spike </h2> 
<p>The SEC ruling sent Bitcoin prices soaring. The price of Bitcoin jumped over 6% to trade around $27,450 during the early London market on Wednesday. Interestingly, Bitcoin’s average daily traded volume spiked over 186% to about $31 billion, according to aggregate data provided through Binance-backed Coinmarketcap.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"> Whales &amp; sharks may have known a thing or two about the outcome of the <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Grayscale</a> and <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SEC</a> lawsuit, with 10-10K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> wallets accumulating a collective $388.3M in <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> the day leading up to the news. They were handsomely rewarded with a +6% price jump. <a href="https://t.co/j28CwVYKS6" rel="noopener noreferrer nofollow">https://t.co/j28CwVYKS6</a> <a href="https://t.co/cx5rRuS6IV" rel="noopener noreferrer nofollow">pic.twitter.com/cx5rRuS6IV</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1696755306745962549?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 30, 2023</a> 
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<p>Read More: <a href="https://coinpedia.org/price-analysis/btc-price-analysis-with-green-light-for-grayscale-will-bitcoin-price-reach-30k/" rel="noopener noreferrer nofollow">BTC Price Analysis: With Green Light For Grayscale, Will Bitcoin Price Reach $30K?</a></p> 
<h2 id="something-smells-fishy" data-name="something-smells-fishy" class="wp-block-heading">Something Smells Fishy</h2> 
<p>Research conducted by the on-chain intelligence platform Santiment suggests that <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin</a> whales and sharks may have known the outcome of the SEC vs. Grayscale ruling. The study found that wallets holding between 10 and 10,000 Bitcoins added about 14,596 coins just before the ruling was delivered. This suggests that these large investors may have been anticipating the ruling and were buying Bitcoin in anticipation of a price increase. As a result, the Bitcoin whales and sharks were rewarded with a quick 6 percent gain.</p> 
<p>Read More: <a href="https://coinpedia.org/news/peter-schiff-grayscales-bitcoin-spot-etf-is-bearish-for-bitcoin-heres-why/" rel="noopener noreferrer nofollow">Peter Schiff: Grayscale’s Bitcoin Spot ETF is Bearish for Bitcoin – Here’s Why</a></p> 
<p>The SEC has not yet said whether it will approve a spot Bitcoin ETF. However, the recent ruling by the United States Court of Appeals makes it more likely that the SEC will approve such an ETF in the future. This could be a major turning point for the cryptocurrency market, as it would allow institutional investors to gain exposure to Bitcoin without having to buy and store the underlying cryptocurrency.</p>

SEC vs. Grayscale Verdict: Was Bitcoin Insider Trading at Play?

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